Economics blog + Farming | The Guardianhttp://www.theguardian.com/business/economics-blog+environment/farming
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The era of cheap food may be overhttp://www.theguardian.com/business/2012/sep/02/era-of-cheap-food-over
A spike in prices caused by poor harvests and rising demand is an apt moment for the west to reassess the wisdom of biofuels<p>The last decade saw the end of cheap oil, the magic growth ingredient for the global economy after the second world war. This summer's increase in maize, wheat and soya bean prices – the third spike in the past five years – suggests the era of cheap food is also over.</p><p>Price increases in both oil and food provide textbook examples of market forces. Rapid expansion in the big emerging markets, especially China, has led to an increase in demand at a time when there have been supply constraints. For crude, these have included the war in Iraq, the embargo imposed on Iran, and the fact that some of the older fields are starting to run dry before new sources of crude are opened up.</p> <a href="http://www.theguardian.com/business/2012/sep/02/era-of-cheap-food-over">Continue reading...</a>CommoditiesFoodBiofuelsFood scienceFarmingFood securityOilEnvironmentScienceBusinessEnergyRenewable energySocietyGlobal developmentEconomicsFood & drinkLife and styleSun, 02 Sep 2012 11:39:00 GMThttp://www.theguardian.com/business/2012/sep/02/era-of-cheap-food-overSaul Loeb/AFP/Getty ImagesMaize on a drought-hit farm near Oakland City, Indiana. The US maize harvest is down by more than 100m tonnes on what was expected. Photograph: Saul Loeb/AFP/Getty ImagesSaul Loeb/AFP/Getty ImagesMaize on a drought-hit farm near Oakland City, Indiana. The US maize harvest is down by more than 100m tonnes on what was expected. Photograph: Saul Loeb/AFP/Getty ImagesLarry Elliott, economics editor2012-09-02T11:39:00Z